An aerial view of the Military Ocean Terminal at Bayonne — Courtesy: JMF Properties

By Joshua Burd

Developers have signed a lease with Costco Wholesale and have broken ground on the operator’s new store and gas station in Bayonne, which will serve as the retail anchor for a new mixed-use project on Route 440.

A joint venture of RD Management LLC and JMF Properties on Tuesday touted the start of construction for the 150,000-square-foot store. Slated for completion this fall, the space will be part of a 240,000-square-foot complex known as Harbor Pointe Marketplace at the busy intersection of Route 440 and Goldsborough Drive.

Other retail developments at the site are also underway.

“Bayonne has always catered to families and renters looking to take a break from the city, and with this comes a need for an innovative commercial real estate development where the community can live, work, and play,” said Richard Birdoff, principal and president of RD Management. “Harbor Pointe Marketplace will fill this void with Costco as the anchor tenant and the addition of new retail and residential offerings, and surely attract local and transient visitors to the center.

“We are excited to be a part of the enormous change happening in this town, and look forward to working with JMF Properties to see this dynamic development come to completion.”

The firms touted Harbor Pointe’s location in an Urban Enterprise Zone, which has about 37,000 cars passing daily, some 500 yards from New Jersey Turnpike Exit 14A. The Hudson-Bergen Light Rail’s 34th Street station is across the street, while the center is also expected to benefit from the expanding Cape Liberty Port facility nearby.

Costco Wholesale will join retailers including TJ Maxx, Staples, Lowe’s and Michaels, according to a news release. When complete, the mixed-use property will feature 651 multifamily residential units, with rooftop terraces and walking paths, and 92,000 square feet of retail space.

“We’re delighted to have a signed lease in hand with Costco Wholesale which is the perfect anchor retail tenant of our Harbor Pointe Marketplace development,” said Joe Forgione, founder and principal of JMF Properties. “A proven job creator and one of the most respected brands in retail, Costco will play a critical role in the overall transformation of this site into a vibrant lifestyle destination.

“We will shortly announce another significant retail signing within the development as we continue to work with the City on a collective vision for Bayonne.”

The Costco store will be among more than 700 worldwide.

“We’re excited that JMF Properties and RD Management have delivered on their promise to bring such a quality retailer like Costco to Bayonne as part of their redevelopment efforts on the former Military Ocean Terminal at Bayonne site,” Bayonne Mayor James M. Davis said. “The entire center will be a valued asset to the City, serving all of our residents and attracting shoppers from Staten Island and Jersey City all the way to Bayonne.”

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Joshua Burd, an award-winning reporter and editor, has been covering New Jersey commercial real estate for five years. Many industry leaders view him as the go-to real estate reporter in the state, a role he is eager to continue as the editor of Real Estate NJ. He is a lifelong New Jersey resident who has spent a decade covering the great Garden State.

For a project that will bring more than 400 new apartments and townhomes to Gloucester County’s largest town, a joint venture is banking on the demand for health care services as a key driver of the property and a potential model for other mixed-use projects in the state.